Coworking spaces also known as shared office space is a phenomenon that is becoming more and more popular. If you are unfamiliar with coworking spaces it is basically sharing office space with other companies instead of having your own private office. There are many benefits to sharing office space with other firms and entrepreneurs. I discuss the benefits as well as the downsides to coworking space so you can decide if it is right for your company.
One of the greatest benefits of shared office space is that you will be surrounded by other like minded creative individuals that you can collaborate with on projects. Some companies find that when their employees are in a shared office environment their productivity increases, they become happier and they develop connections with the other people. You can find new business partners, new potential customers and even new employees from working in a shared office space.
Another major benefit of shared office space is that short term leases are available. Businesses are given the ultimate flexibility when it comes to lease lengths. For example you can lease a desk for a month or a couple of months. When leasing private office space most of the terms have to be locked in for a period of two or three years, essentially trapping you into the office space you agreed on. This can be problematic if your business rapidly expands and you need more office space, but you have a contract for several years. With co-working space you can quickly lease more office space to adjust to your needs and expansion.
Unlike private office space, in coworking space leases you won’t pay for the utility bill and have to worry about coffee or office supplies.
The downside to leasing coworking space is that once your company reaches a certain size, it may be more cost effective to lease your own office space. Private office space allows you greater control over the policies of the office. You can also customize your own space and foster company culture which can help productivity.
Workville is a company that offers shared office space in New York City. Located near Times Square, the company offers coworking space in a luxurious setting at very affordable rates that are perfect for small companies and startups. Renting a desk costs only $500 a month while a dedicated desk costs only $750 a month. Mail delivery, internet, phone and printer service is included in Worville’s coworking office space.